Good manners in exchange for pocket money
Good manners cost nothing so says the old maxim. However, according to the latest research from The Children’s Mutual that’s not strictly true, with 44 per cent of children now financially rewarded for good behaviour.
Research by the award winning Child Trust Fund provider reveals that, as well as good behaviour, parents are also offering an ‘honest wage’ for a hard day’s work. 37 per cent of children ‘earn’ their pocket money by helping out with chores around the home and 19 per cent fill their piggy banks by helping out with the family pet.
As the Government announces plans to make financial education compulsory for children as young as five from 2012, leading Child Trust Fund provider The Children’s Mutual has launched a new microsite PocketMoneyPetz.co.uk, which has been created to help parents teach their children about pocket money and saving.
Children can choose a ‘virtual’ pet, from a dog to a dinosaur, to help them learn to boost, manage and save their pocket money earnings. And while children have fun deciding which character to accompany them through PocketMoneyPetz, their parents can put a value against each chore to help them learn the value of money.
Tony Anderson, Marketing Director at The Children’s Mutual, said: “As children are receiving more and more pocket money in return for undertaking household chores, helping with the family pet and good behaviour, we created Pocket Money Petz to help spark their imaginations about earning and saving money.”
According to The Children’s Mutual research, the going rate for pocket money has increased by a whopping 83 per cent in a generation from when parents received pocket money until today. Parents are already giving an average of £2.85 a week to their child and with many (27 per cent) parents expecting to increase this amount by £1 each year.
However, despite the rise in pocket money, The Children’s Mutual research showed that parents are often unsure of how much to ‘pay’ their children and can feel pressurised to compete with how much other parents give. Nearly one in five (18 per cent) said there was pressure to conform to a ‘market rate’ and 16 per cent said they feel they pay too much but ‘have to go with what everyone gets’. In response to these concerns, The Children’s Mutual has also created a Parents’ Pocket Money Guide which offers advice on teaching children about money, how to give pocket money, when to start and how much to give and how often.
Children also have their own user-friendly Pocket Money Guide which helps them to understand where money comes from, how to budget, keeping money safe, and ways of saving for the items they want. The colourful guide also comes with ready reckoners and games to help children become more familiar and used to dealing with money.
The Changing Face of How Pocket Money is Earned
|How does your child ‘earn’ pocket money?||How did you ‘earn’ pocket money as a child?||How did you ‘earn’ pocket money as a child?|
|Helping with the family pet||19%||18%|
|Accumulating points on a reward chart||15%||9%|
|Doing homework well and on time||18%||13%|
|Getting good grades at school||14%||11%|
|They don’t/I didn’t have to earn pocket money||17%||18%|